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Minnesota-based Kronfield Motors has developed the Raht Racer, a three-wheeled autocycle that combines an electric motor with human pedal power that can reach up to 90 miles per hour.

According to a story at the siliconprairienews, founder and CEO Rich Kronfeld participated in the 2017 NMotion Accelerator Cohort and believes his product is an electric motorcycle that is made for the highway.

“If you’re going 65, the percentage you contribute is less than if you’re going 25,” Kronfeld said. “Compared to any other kind of highway vehicle, it would be very efficient.”

Job creation, expansion happening in Iowa

The Iowa Economic Development Authority (IEDA) board on Friday awarded direct financial assistance and tax benefits to four companies for job creation and expansion projects, according to a news release issued Friday.

These awards will assist in the creation of 123 jobs, retention of 82 jobs and will result in over $5 million in new capital investment for the state.

The board approved assistance for planned or proposed projects located in Urbandale, Clarinda, Sioux City and Marshalltown.

ShipBob raises $17.5 million

ShipBob, a Chicago-based shipping service provider, raised $17.5 million in Series B funding this week.

Series B funding helps take the business to the next level and past the developmental stage.